Why energy crises and record oil-company profits happen at the same time -- explained with verified company results, not speculation.
Arab OPEC members embargoed Israel's allies in October 1973, roughly quadrupling nominal oil prices within months and founding the modern energy-crisis era.
Oil reached a then-record $147.27/barrel on July 11, 2008, before collapsing to $30.28 by December as the global financial crisis unfolded.
On April 20, 2020, pandemic lockdowns collapsed demand so sharply that WTI futures fell below zero for the first time in history, settling near -$37.63/barrel.
Russia’s invasion of Ukraine sent Brent near $139/barrel. ExxonMobil ($55.7bn), Shell ($42.3bn) and Chevron ($35.4bn) all posted record annual profits.
The UK and EU introduced temporary windfall levies on energy profits in 2022; the US did not. The IMF recommended targeted, temporary measures only.
A 2026 Middle East war closed the Strait of Hormuz, sending Brent to $119.50 on March 9 before G7-coordinated reserve talks helped moderate prices.
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